Delivers Record Quarterly Revenue of $55.4
Million Launched 36 SuperDove Satellites and First Pelican Tech
Demo Satellite Released Groundbreaking Global Forest Carbon
Product
Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a
leading provider of daily data and insights about Earth, today
announced financial results for the period ended October 31, 2023,
that demonstrated continued growth and momentum of its unique data
subscription business.
“Growth in the third quarter was driven by strength in the Civil
Government and Defense & Intelligence markets,” said Will
Marshall, Planet’s Co-Founder, Chief Executive Officer and
Chairperson. “We focused on sharpening our go-to-market execution
and we recently achieved multiple important product milestones,
including successfully launching 37 satellites, enabling low touch
sales of Planet data on our Sentinel Hub platform and releasing the
new Forest Carbon product to market.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “We’re also pleased with the cost discipline and focus on
operational efficiency that we’re seeing across the business, which
support our path to profitability. Our balance sheet remains strong
with $315 million of cash, cash equivalents, and short-term
investments as of the end of the quarter and we continue to have no
debt.”
Fiscal Third Quarter 2024 Financial and Key Metric
Highlights:
- Third quarter revenue increased 11% year-over-year to $55.4
million.
- Percent of Recurring Annual Contract Value (ACV) for the third
quarter was 94%.
- End of Period (EoP) Customer Count increased 13% year-over-year
to 976 customers.
- Third quarter gross margin was 47%, compared to 50% in the
third quarter of fiscal year 2023.
- Third quarter Non-GAAP Gross Margin(1) was 52%, compared to 54%
in the third quarter of fiscal year 2023.
- Ended the quarter with $315 million in cash, cash equivalents
and short-term investments.
(1) Please see “Planet’s Use of Non-GAAP Financial Measures”
below for a discussion on how Planet calculates the non-GAAP
financial measures presented herein. In addition, reconciliations
to the most directly comparable U.S. GAAP financial measures are
provided in the tables at the end of this release.
Recent Business Highlights:
Growing Customer and Partner
Relationships
- BASF Expansion: Planet recently expanded its
seven-figure contract with BASF Digital Farming GmbH, a subsidiary
of BASF, the large European-based multinational company and large
chemical producer. BASF Digital Farming offers precision digital
farming products through its Xarvio Digital Farming Solutions
platform. Xarvio FIELD MANAGER, its crop optimization platform,
uses PlanetScope and Planetary Variables solutions for broad area
management to deliver targeted and timely agronomic advice that
supports more efficient, profitable, and sustainable agricultural
practices.
- Instituto Geográfico Agustín Codazzi (IGAC): Planet
recently closed a seven-figure ACV contract with the Cartographic
Agency for Colombia, IGAC. This entity regulates, produces, and
articulates high-quality geographic, cadastral, and agronomical
information of the country, contributing to its development for
decision-making and definition of public policies in Colombia.
They’re using PlanetScope and SkySat data to support geographic
studies, professional training, and education in GIS technology and
improve land-use planning and risk management across Colombia.
- USDA Foreign Agricultural Service: Planet recently added
the USDA Foreign Agricultural Service as a new customer. The USDA
FAS links U.S. agriculture to the world to enhance export
opportunities and global food security. The USDA FAS is using
PlanetScope’s broad area management to support the production of
crop type maps and area estimates in areas overseas.
- BeZero Carbon: Planet recently added BeZero Carbon, a
global carbon ratings agency, as a new partner. BeZero is using
Planet’s Forest Carbon product to help market participants continue
to make more informed carbon credit investments. Planet’s 30 meter
global time series of forest height, tree cover, and carbon is seen
as an invaluable addition to BeZero’s cutting-edge geospatial
analysis and methodologies.
- SI Analytics: Planet closed a new contract with South
Korea-based AI company, SI Analytics, to provide imagery data for
anomaly analysis of North Korea. SI Analytics is a provider for
satellite image analytics based on deep learning technology and
GEO-information solutions. SI Analytics is using PlanetScope to run
analytics for defense and intelligence customers.
- NGIS: Planet expanded its contract with Australian-based
partner, NGIS who provides critical geospatial services using
Planet data to Australian civil governments, supporting resource
management and natural disaster response for wildfires and
floods.
- on-X Maps: Planet recently added on-X Maps as a new
customer. on-X’s Recent Imagery product uses Planet’s bi-weekly
Basemaps to provide outdoor enthusiasts with up-to-date imagery of
outdoor recreation sites. on-X was recently recognized on the
TIME’s Best Innovations list of 2023.
New Technologies and
Products
- Pelican Tech Demo and 36 SuperDoves Launch: On November
11, 2023, Planet successfully launched its first Pelican technology
demonstration, Pelican-1, and 36 SuperDoves to orbit on SpaceX’s
Transporter-9 mission. The Planet Team quickly established contact
with all 37 satellites and began commissioning the new satellites
to join its fleet of roughly 200 currently on-orbit. This launch
marks a momentous milestone for the Company, especially for
Planet’s next-generation high-resolution mission. Over time, the
Pelican constellation is expected to offer a more capable and
cost-effective upgrade to the Company’s current high-resolution
satellites, the SkySats.
- Planet Data Available on Sentinel Hub: During Q3, Planet
data and services were launched on the Sentinel Hub platform with
transparent pricing and APIs, enabling low touch or self-service
sales for small customers and giving partners what they need to
more rapidly and flexibly build solutions on top of our data.
- Global Forest Carbon Product Release: Planet released
its Forest Carbon product, a global, 30 meter historical time
series of forest carbon, tree height, and cover. This
groundbreaking data product aims to provide unprecedented insights
into forest change and carbon stocks and is already being used by
customers to inform their carbon credit investments. The 10-year
archive of global forest carbon is highly accurate, affordable, and
scalable, helping to solve long-standing challenges associated with
measuring forest carbon stocks.
Global Sustainability and
Impact
- First PBC Report: Planet published its first Public
Benefit Corporation (“PBC”) Report, which can be found at
planet.com/esg. As a PBC, Planet is required under Delaware law to
publish this report once every two years, highlighting the
objectives, standards and metrics used by the Company’s Board of
Directors to determine that the Company continues to perform in
accordance with its PBC mission.
Financial Outlook
For the fourth quarter of fiscal year 2024, ending January 31,
2023, Planet expects revenue to be in the range of approximately
$56 million to $59 million, representing approximately 9%
year-over-year growth at the midpoint. Non-GAAP Gross Margin is
expected to be in the range of approximately 52% to 56%. Adjusted
EBITDA loss is expected to be in the range of approximately ($12)
million and ($9) million. Capital Expenditures as a Percentage of
Revenue is expected to be in the range of approximately 25% to 27%
for the quarter.
For fiscal year 2024, ending January 31, 2024, Planet expects
revenue to be in the range of approximately $218 million to $221
million, representing approximately 15% year-over-year growth at
the midpoint. Non-GAAP Gross Margin is expected to be in the range
of approximately 53% to 54%. Adjusted EBITDA loss is expected to be
in the range of approximately ($58) million and ($55) million.
Capital Expenditures as a Percentage of Revenue is expected to be
in the range of approximately 21% to 22% for the full fiscal year
2024.
Planet has not reconciled its Non-GAAP financial outlook to the
most directly comparable GAAP measures because certain reconciling
items, such as stock-based compensation expenses and depreciation
and amortization are uncertain or out of Planet’s control and
cannot be reasonably predicted. The actual amount of these expenses
during the fourth quarter of fiscal year 2024 and fiscal year 2024
will have a significant impact on Planet’s future GAAP financial
results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook
to the most comparable GAAP measures is not available without
unreasonable efforts.
The foregoing forward-looking statements reflect Planet’s
expectations as of today's date. Given the number of risk factors,
uncertainties and assumptions discussed below, actual results may
differ materially.
Webcast and Conference Call Information
Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m.
PT today, December 7, 2023. The webcast can be accessed at
www.planet.com/investors/. A replay will be available approximately
2 hours following the event. If you would prefer to register for
the conference call, please go to the following link:
https://www.netroadshow.com/events/login?show=b06cfb3b&confId=57995.
You will then receive your access details via email.
Additionally, a supplemental presentation has been made
available on Planet’s investor relations page.
About Planet Labs PBC
Planet is a leading provider of global, daily satellite imagery
and geospatial solutions. Planet is driven by a mission to image
the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites. Planet provides mission-critical data,
advanced insights, and software solutions to over 950 customers,
comprising the world’s leading agriculture, forestry, intelligence,
education and finance companies and government agencies, enabling
users to simply and effectively derive unique value from satellite
imagery. Planet is a public benefit corporation listed on the New
York Stock Exchange as PL. To learn more visit www.planet.com and
follow us on Twitter.
Planet’s Use of Non-GAAP Financial Measures
This press release includes Non-GAAP Gross Profit, Non-GAAP
Gross Margin, certain Non-GAAP Expenses described further below,
Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss
per Diluted Share and Adjusted EBITDA which are non-GAAP
performance measures that the Company uses to supplement its
results presented in accordance with U.S. GAAP. The Company
believes these non-GAAP financial measures are useful in evaluating
its operating performance, as they are similar to measures reported
by the Company’s public competitors and are regularly used by
analysts, institutional investors, and other interested parties in
analyzing operating performance and prospects. Further, the Company
believes such non-GAAP measures are helpful in highlighting trends
in the Company’s operating results because they exclude certain
items that are not indicative of the Company’s core operating
performance. In addition, the Company includes these non-GAAP
financial measures because they are used by management to evaluate
the Company’s core operating performance and trends and to make
strategic decisions regarding the allocation of capital and new
investments.
Non-GAAP financial measures have limitations as analytical tools
and should not be considered in isolation from, as a substitute
for, or superior to, measures of financial performance prepared in
accordance with U.S. GAAP. The non-GAAP financial measures
presented are not based on any standardized methodology prescribed
by U.S. GAAP and are not necessarily comparable to similarly-titled
measures presented by other companies, which may have different
definitions from the Company. Further, the non-GAAP financial
measures presented exclude stock-based compensation expenses, which
has recently been, and will continue to be for the foreseeable
future, a significant recurring expense for the Company’s business
and an important part of its compensation strategy.
Planet calculates these non-GAAP financial measures as
follows:
Non-GAAP Gross Profit and Non-GAAP Gross
Margin: The Company defines and calculates Non-GAAP Gross
Profit as gross profit adjusted for stock-based compensation,
amortization of acquired intangible assets classified as cost of
revenue, restructuring costs, employee transaction bonuses in
connection with the Sinergise business combination, and other
expenses that are considered unrelated to our underlying business
performance. The Company defines Non-GAAP Gross Margin as Non-GAAP
Gross Profit divided by revenue.
Non-GAAP Expenses: The Company
defines and calculates Non-GAAP cost of revenue, Non-GAAP research
and development expenses, Non-GAAP sales and marketing expenses,
and Non-GAAP general and administrative expenses as, in each case,
the corresponding U.S. GAAP financial measure (cost of revenue,
research and development expenses, sales and marketing expenses,
and general and administrative expenses) adjusted for stock-based
compensation, amortization of acquired intangible assets,
restructuring costs, employee transaction bonuses in connection
with the Sinergise business combination, and other expenses that
are considered unrelated to our underlying business performance,
that are classified within each of the corresponding U.S. GAAP
financial measures.
Non-GAAP Loss from Operations: The
Company defines and calculates Non-GAAP Loss from Operations as
loss from operations adjusted for stock-based compensation,
amortization of acquired intangible assets, restructuring costs,
employee transaction bonuses in connection with the Sinergise
business combination, and other expenses that are considered
unrelated to our underlying business performance.
Non-GAAP Net Loss and Non-GAAP Net Loss
per Diluted Share: The Company defines and calculates
Non-GAAP Net Loss as net loss adjusted for stock-based
compensation, amortization of acquired intangible assets,
restructuring costs, employee transaction bonuses in connection
with the Sinergise business combination, and other expenses that
are considered unrelated to our underlying business performance and
the tax effects of the adjustments. The Company defines and
calculates Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss
divided by diluted weighted-average common shares outstanding.
Adjusted EBITDA: The Company
defines and calculates Adjusted EBITDA as net income (loss) before
the impact of interest income and expense, income tax expense and
depreciation and amortization, and further adjusted for the
following items: stock-based compensation, change in fair value of
warrant liabilities, gain or loss on the extinguishment of debt and
non-operating income, expenses such as foreign currency exchange
gain or loss, restructuring costs, employee transaction bonuses in
connection with the Sinergise business combination, and other
expenses that are considered unrelated to our underlying business
performance.
Other Key Metrics
ACV and EoP ACV Book of Business:
In connection with the calculation of several of the key
operational and business metrics we utilize, the Company calculates
Annual Contract Value (“ACV”) for contracts of one year or greater
as the total amount of value that a customer has contracted to pay
for the most recent 12 month period for the contract, excluding
customers that are exclusively Sentinel Hub self-service paying
users. For short-term contracts (contracts less than 12 months),
ACV is equal to total contract value.
The Company also calculates EoP ACV Book of Business in
connection with the calculation of several of the key operational
and business metrics we utilize. The Company defines EoP ACV Book
of Business as the sum of the ACV of all contracts that are active
on the last day of the period pursuant to the effective dates and
end dates of such contracts, excluding customers that are
exclusively Sentinel Hub self-service paying users. Active
contracts exclude any contract that has been canceled, expired
prior to the last day of the period without renewing, or for any
other reason is not expected to generate revenue in the subsequent
period. For contracts ending on the last day of the period, the ACV
is either updated to reflect the ACV of the renewed contract or, if
the contract has not yet renewed or extended, the ACV is excluded
from the EoP ACV Book of Business. The Company does not annualize
short-term contracts in calculating EoP ACV Book of Business. The
Company calculates the ACV of usage-based contracts based on the
committed contracted revenue or the revenue achieved on the
usage-based contract in the prior 12-month period.
Percent of Recurring ACV: Percent
of Recurring ACV is the portion of the total EoP ACV Book of
Business that is recurring in nature. The Company defines ACV Book
of Business as the sum of the ACV of all contracts that are active
on the last day of the period pursuant to the effective dates and
end dates of such contracts, excluding customers that are
exclusively Sentinel Hub self-service paying users. We define
Percent of Recurring ACV as the dollar value of all data
subscription contracts and the committed portion of usage-based
contracts (excluding customers that are exclusively Sentinel Hub
self-service paying users) divided by the total dollar value of all
contracts in our ACV Book of Business at a specific point in time.
We believe Percent of Recurring ACV is useful to investors to
better understand how much of our revenue is from customers that
have the potential to renew their contracts over multiple years
rather than being one-time in nature. We track Percent of Recurring
ACV to inform estimates for the future revenue growth potential of
our business and improve the predictability of our financial
results. There are no significant estimates underlying management’s
calculation of Percent of Recurring ACV, but management applies
judgment as to which customers have an active contract at a period
end for the purpose of determining ACV Book of Business, which is
used as part of the calculation of Percent of Recurring ACV.
EoP Customer Count: The Company
defines EoP Customer Count as the total count of all existing
customers at the end of the period excluding customers that are
exclusively Sentinel Hub self-service paying users. For EoP
Customer Count, the Company defines existing customers as customers
with an active contract with the Company at the end of the reported
period. For the purpose of this metric, the Company defines a
customer as a distinct entity that uses the Company’s data or
services. The Company sells directly to customers, as well as
indirectly through its partner network. If a partner does not
provide the end customer’s name, then the partner is reported as
the customer. Each customer, regardless of the number of active
opportunities with the Company, is counted only once. For example,
if a customer utilizes multiple products of Planet, the Company
only counts that customer once for purposes of EoP Customer Count.
A customer with multiple divisions, segments, or subsidiaries are
also counted as a single unique customer based on the parent
organization or parent account. For EoP Customer Count, the Company
does not include users that only utilize the Company’s self-service
Sentinel Hub web based ordering system, which the Company acquired
in August 2023, and which offers standard starter packages on a
monthly or annual basis. The Company believes excluding these users
from EoP Customer Count creates a more useful metric, as the
Company views the Sentinel Hub starter packages as entry points for
smaller accounts, leading to broader awareness of the Company’s
solutions throughout their networks and organizations. The Company
believes EoP Customer Count is a useful metric for investors and
management to track as it is an important indicator of the broader
adoption of the Company’s platform and is a measure of the
Company’s success in growing its market presence and penetration.
Management applies judgment as to which customers are deemed to
have an active contract in a period, as well as whether a customer
is a distinct entity that uses the Company’s data or services.
Capital Expenditures as a Percentage of
Revenue: The Company defines capital expenditures as
purchases of property and equipment plus capitalized internally
developed software development costs, which are included in our
statements of cash flows from investing activities. The Company
defines Capital Expenditures as a Percentage of Revenue as the
total amount of capital expenditures divided by total revenue in
the reported period. Capital Expenditures as a Percentage of
Revenue is a performance measure that we use to evaluate the
appropriate level of capital expenditures needed to support demand
for the Company’s data services and related revenue, and to provide
a comparable view of the Company’s performance relative to other
earth observation companies, which may invest significantly greater
amounts in their satellites to deliver their data to customers. The
Company uses an agile space systems strategy, which means we invest
in a larger number of significantly lower cost satellites and
software infrastructure to automate the management of the
satellites and to deliver the Company’s data to clients. As a
result of the Company’s strategy and business model, the Company’s
capital expenditures may be more similar to software companies with
large data center infrastructure costs. Therefore, the Company
believes it is important to look at the level of capital
expenditure investments relative to revenue when evaluating the
Company’s performance relative to other earth observation companies
or to other software and data companies with significant data
center infrastructure investment requirements. The Company believes
Capital Expenditures as a Percentage of Revenue is a useful metric
for investors because it provides visibility to the level of
capital expenditures required to operate the Company and the
Company’s relative capital efficiency.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events or Planet's future financial or operating performance. In
some cases, you can identify forward looking statements because
they contain words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,”
“evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “aim,” “conviction,” “continue,” “positioned” or the
negative of these words or other similar terms or expressions that
concern Planet's expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this release include, but
are not limited to, statements regarding Planet’s financial
guidance and outlook, Planet’s path to profitability, Planet’s
expectations regarding future product development and performance,
and Planet’s expectations regarding its strategies with respect to
its markets and customers. Planet’s expectations and beliefs
regarding these matters may not materialize, and actual results in
future periods are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including risks related to the macroeconomic environment and risks
regarding our ability to forecast our performance due to our
limited operating history. The forward-looking statements contained
in this release are also subject to other risks and uncertainties,
including those more fully described in Planet's filings with the
Securities and Exchange Commission (“SEC”), including our Annual
Report on Form 10-K and any subsequent filings with the SEC the
Company may make. All forward-looking statements reflect the
Company’s beliefs and assumptions only as of the date of this press
release. The Company undertakes no obligation to update
forward-looking statements to reflect future events or
circumstances, except as may be required by law. The Company’s
results for the quarter ended October 31, 2023 are not necessarily
indicative of its operating results for any future periods.
PLANET
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(In thousands)
October 31, 2023
January 31, 2023
Assets
Current assets
Cash and cash equivalents
$
101,547
$
181,892
Restricted cash and cash equivalents,
current
7,880
527
Short-term investments
213,347
226,868
Accounts receivable, net
45,145
38,952
Prepaid expenses and other current
assets
19,616
27,416
Total current assets
387,535
475,655
Property and equipment, net
114,058
108,091
Capitalized internal-use software, net
14,050
11,417
Goodwill
135,701
112,748
Intangible assets, net
27,427
14,831
Restricted cash and cash equivalents,
non-current
10,321
5,657
Operating lease right-of-use assets
22,091
20,403
Other non-current assets
2,337
3,921
Total assets
$
713,520
$
752,723
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
4,589
$
6,900
Accrued and other current liabilities
41,961
46,022
Deferred revenue
67,228
51,900
Liability from early exercise of stock
options
9,860
12,550
Operating lease liabilities, current
7,500
4,885
Total current liabilities
131,138
122,257
Deferred revenue
7,763
2,882
Deferred hosting costs
8,353
8,679
Public and private placement warrant
liabilities
2,666
16,670
Operating lease liabilities,
non-current
17,321
17,145
Contingent consideration
5,588
7,499
Other non-current liabilities
7,093
1,487
Total liabilities
179,922
176,619
Commitments and contingencies
Stockholders’ equity
Common stock
28
27
Additional paid-in capital
1,583,531
1,513,102
Accumulated other comprehensive income
(loss)
(242
)
2,271
Accumulated deficit
(1,049,719
)
(939,296
)
Total stockholders’ equity
533,598
576,104
Total liabilities and stockholders’
equity
$
713,520
$
752,723
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands, except share and per share
amounts)
2023
2022
2023
2022
Revenue
$
55,380
$
49,704
$
161,844
$
138,281
Cost of revenue
29,350
24,728
81,375
73,333
Gross profit
26,030
24,976
80,469
64,948
Operating expenses
Research and development
33,002
27,598
87,929
79,085
Sales and marketing
20,774
19,383
66,209
57,721
General and administrative
20,112
20,627
62,161
61,128
Total operating expenses
73,888
67,608
216,299
197,934
Loss from operations
(47,858
)
(42,632
)
(135,830
)
(132,986
)
Interest income
3,445
2,853
11,753
4,276
Change in fair value of warrant
liabilities
6,833
(19
)
14,004
5,369
Other income (expense), net
(69
)
1
894
123
Total other income (expense), net
10,209
2,835
26,651
9,768
Loss before provision for income taxes
(37,649
)
(39,797
)
(109,179
)
(123,218
)
Provision for income taxes
355
439
1,244
907
Net loss
$
(38,004
)
$
(40,236
)
$
(110,423
)
$
(124,125
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.13
)
$
(0.15
)
$
(0.40
)
$
(0.47
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
284,197,733
267,947,661
277,252,951
266,104,962
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands)
2023
2022
2023
2022
Net loss
$
(38,004
)
$
(40,236
)
$
(110,423
)
$
(124,125
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
(1,667
)
(235
)
(1,543
)
82
Change in fair value of available-for-sale
securities
89
(1,538
)
(970
)
(1,235
)
Other comprehensive income (loss), net of
tax
(1,578
)
(1,773
)
(2,513
)
(1,153
)
Comprehensive loss
$
(39,582
)
$
(42,009
)
$
(112,936
)
$
(125,278
)
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
Nine Months Ended October
31,
(In thousands)
2023
2022
Operating activities
Net loss
$
(110,423
)
$
(124,125
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
36,033
33,997
Stock-based compensation, net of
capitalized cost
44,611
59,841
Change in fair value of warrant
liabilities
(14,004
)
(5,369
)
Change in fair value of contingent
consideration
(923
)
—
Other
(3,538
)
555
Changes in operating assets and
liabilities
Accounts receivable
(3,872
)
15,237
Prepaid expenses and other assets
9,483
(9,472
)
Accounts payable, accrued and other
liabilities
(20,706
)
(8,649
)
Deferred revenue
19,557
(19,382
)
Deferred hosting costs
(92
)
(1,751
)
Net cash used in operating activities
(43,874
)
(59,118
)
Investing activities
Purchases of property and equipment
(29,086
)
(9,008
)
Capitalized internal-use software
(3,266
)
(1,737
)
Business acquisition
(7,542
)
—
Maturities of available-for-sale
securities
142,903
13,000
Sales of available-for-sale securities
40,072
—
Purchases of available-for-sale
securities
(166,169
)
(239,321
)
Other
(944
)
(412
)
Net cash used in investing activities
(24,032
)
(237,478
)
Financing activities
Proceeds from the exercise of common stock
options
6,770
10,909
Class A common stock withheld to satisfy
employee tax withholding obligations
(7,112
)
(4,328
)
Payment of transaction costs related to
the Business Combination
—
(326
)
Other
(15
)
122
Net cash provided by (used in) financing
activities
(357
)
6,377
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(65
)
(1,781
)
Net decrease in cash and cash equivalents,
and restricted cash and cash equivalents
(68,328
)
(292,000
)
Cash and cash equivalents, and restricted
cash and cash equivalents at the beginning of the period
188,076
496,814
Cash and cash equivalents, and
restricted cash and cash equivalents at the end of the
period
$
119,748
$
204,814
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(in thousands)
2023
2022
2023
2022
Net loss
$
(38,004
)
$
(40,236
)
$
(110,423
)
$
(124,125
)
Interest income
(3,445
)
(2,853
)
(11,753
)
(4,276
)
Income tax provision
355
439
1,244
907
Depreciation and amortization
13,625
10,785
36,033
33,997
Change in fair value of warrant
liabilities
(6,833
)
19
(14,004
)
(5,369
)
Stock-based compensation
12,598
19,438
44,611
59,841
Restructuring costs(1)
7,341
—
7,341
—
Employee transaction bonuses in connection
with the Sinergise business combination(2)
2,317
—
2,317
—
Other (income) expense, net
69
(1
)
(894
)
(123
)
Adjusted EBITDA
$
(11,977
)
$
(12,409
)
$
(45,528
)
$
(39,148
)
(1) As part of the headcount
reduction plan announced in August 2023, we recognized $7.3 million
of severance and other employee costs for the three and nine months
ended October 31, 2023. For the three and nine months ended October
31, 2023, the restructuring related stock-based compensation
benefit of $1.5 million is included on its respective line
item.
(2) Certain employees of
Sinergise, which became employees of Planet, were paid cash
transaction bonuses in connection with the closing of the Sinergise
acquisition. The cost of the transaction bonuses was allocated from
the purchase consideration we paid for the acquisition.
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands)
2023
2022
2023
2022
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
29,350
$
24,728
$
81,375
$
73,333
Less: Stock-based compensation
888
1,317
2,855
3,992
Less: Amortization of acquired intangible
assets
796
366
1,674
1,163
Less: Restructuring costs
563
—
563
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
267
—
267
—
Non-GAAP cost of revenue
$
26,836
$
23,045
$
76,016
$
68,178
Reconciliation of gross profit:
GAAP gross profit
$
26,030
$
24,976
$
80,469
$
64,948
Add: Stock-based compensation
888
1,317
2,855
3,992
Add: Amortization of acquired intangible
assets
796
366
1,674
1,163
Add: Restructuring costs
563
—
563
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
267
—
267
—
Non-GAAP gross profit
$
28,544
$
26,659
$
85,828
$
70,103
GAAP gross margin
47
%
50
%
50
%
47
%
Non-GAAP gross margin
52
%
54
%
53
%
51
%
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands)
2023
2022
2023
2022
Reconciliation of operating
expenses:
GAAP research and development
$
33,002
$
27,598
$
87,929
$
79,085
Less: Stock-based compensation
5,655
7,910
18,555
24,642
Less: Amortization of acquired intangible
assets
—
—
—
—
Less: Restructuring costs
3,297
—
3,297
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
1,891
—
1,891
—
Non-GAAP research and development
$
22,159
$
19,688
$
64,186
$
54,443
GAAP sales and marketing
$
20,774
$
19,383
$
66,209
$
57,721
Less: Stock-based compensation
1,626
3,221
7,827
10,615
Less: Amortization of acquired intangible
assets
261
153
665
458
Less: Restructuring costs
1,943
—
1,943
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
41
—
41
—
Non-GAAP sales and marketing
$
16,903
$
16,009
$
55,733
$
46,648
GAAP general and administrative
$
20,112
$
20,627
$
62,161
$
61,128
Less: Stock-based compensation
4,429
6,990
15,374
20,592
Less: Amortization of acquired intangible
assets
93
80
254
240
Less: Restructuring costs
1,538
—
1,538
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
118
—
118
—
Non-GAAP general and administrative
$
13,934
$
13,557
$
44,877
$
40,296
Reconciliation of loss from
operations
GAAP loss from operations
$
(47,858
)
$
(42,632
)
$
(135,830
)
$
(132,986
)
Add: Stock-based compensation
12,598
19,438
44,611
59,841
Add: Amortization of acquired intangible
assets
1,150
599
2,593
1,861
Add: Restructuring costs
7,341
—
7,341
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
2,317
—
2,317
—
Non-GAAP loss from operations
$
(24,452
)
$
(22,595
)
$
(78,968
)
$
(71,284
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands, except share and per share
amounts)
2023
2022
2023
2022
Reconciliation of net loss
GAAP net loss
$
(38,004
)
$
(40,236
)
$
(110,423
)
$
(124,125
)
Add: Stock-based compensation
12,598
19,438
44,611
59,841
Add: Amortization of acquired intangible
assets
1,150
599
2,593
1,861
Add: Restructuring costs
7,341
—
7,341
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
2,317
—
2,317
—
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss
$
(14,598
)
$
(20,199
)
$
(53,561
)
$
(62,423
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(38,004
)
$
(40,236
)
$
(110,423
)
$
(124,125
)
Non-GAAP net loss
$
(14,598
)
$
(20,199
)
$
(53,561
)
$
(62,423
)
GAAP net loss per share, basic and diluted
(1)
$
(0.13
)
$
(0.15
)
$
(0.40
)
$
(0.47
)
Add: Stock-based compensation
0.04
0.07
0.16
0.22
Add: Amortization of acquired intangible
assets
—
—
0.01
0.01
Add: Restructuring costs
0.03
—
0.03
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
0.01
—
0.01
—
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss per share, diluted (2)
(3)
$
(0.05
)
$
(0.08
)
$
(0.19
)
$
(0.23
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted (1)
284,197,733
267,947,661
277,252,951
266,104,962
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (1)
284,197,733
267,947,661
277,252,951
266,104,962
(1) Basic and diluted GAAP net
loss per share was the same for each period presented as the
inclusion of all potential Class A common stock and Class B common
stock outstanding would have been anti-dilutive.
(2) Non-GAAP net loss per share,
diluted is calculated using weighted-average shares, adjusted for
dilutive potential shares assumed outstanding during the period. No
adjustment was made to weighted-average shares for each period
presented as the inclusion of all potential Class A common stock
and Class B common stock outstanding would have been
anti-dilutive.
(3) Totals may not sum due to
rounding. Figures are calculated based upon the respective
underlying non-rounded data.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231207922467/en/
Investor Contact Chris Genualdi / Cleo Palmer-Poroner
Planet Labs PBC ir@planet.com
Press Contact Claire Bentley Dale Planet Labs PBC
comms@planet.com
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